A corporation received its charter and began business this year. The company is authorized to issue 50,000 shares of $100 par, 10%, noncumulative, nonparticipating preferred stock, and 500,000 shares of no-par common stock. The following selected transactions occurred during this year:

Apr. 5 Issued 250 shares of preferred stock for $104 cash per share.

June 15 Exchanged 750 shares of common stock for $15,000 in legal services incurred in the organization of the company.

Prepare journal entries to record these transactions.